TL;DR Breakdown:
- The iconic Staples Center arena in LA will be renamed Crypto.com Arena.
- Crypto.com made the biggest naming deal in US sports history worth $700 million.
- The rebranding will go live on Christmas day.
- CRO Coin has surged almost 20% after the announcement.
Singapore-based cryptocurrency exchange Crypto.com has signed one of the biggest naming deals in sports history. The historic Staples Center in Los Angeles will be renamed Crypto.com area on Christmas day.
The announcement came as a result of the $700 million naming rights deal between Crypto.com and AEG. The deal will last for 20 years. As a part of this deal, Crypto.com will also become the official partner of NBA giants Los Angeles Lakers and pro hockey team LA Kings. The popular exchange already has a partnership with another NBA team, the Philadelphia 76ers whose jersey also has the Crypto.com logo.
However, it won’t be the first-ever stadium to be named after a cryptocurrency brand. That honor goes to FTX exchange. Earlier this year, the American Airlines Arena in Miami, which is the home of NBA team Miami Heat was renamed the FTX Area. The Caribbean-based cryptocurrency exchange bought the naming rights for 19 years through a $135 million worth deal.
Staples Center leaves behind a monumental legacy
Since the arena opened in 1999, the Staples Center has been at the heart of the US sports and entertainment industry. The multi-purpose arena hosted 19 Grammy Awards ceremonies and countless performances by legends such as Michael Jackson, U2, Prince, Beyonce and so many more.
It was the arena where the LA Kings won their first-ever STANLEY cup, and where NBA legend Kobe Bryant scored his historical 81 points. It will continue to host more of such iconic and memorable moments in the future, but now under the name of Crypto.com Arena. For the residents of LA and the Lakers fans, it will indeed be an emotional moment to say goodbye to a name they grew up with.
Crypto.com Coin is surging with a new all-time high
CRO coin, the native token of Crypto.com has surged over 20% after the rebranding announcement. While the whole crypto market has been slumping for the last 2 days, CRO has made tremendous gains, mostly due to its ongoing sports partnerships with major American organizations.
While Joe Biden’s new regulatory announcement and China’s mining crackdown caused major sell-offs in the market, the Staples Center deal has sent investors back to the market for CRO coin.
The token has gone up by almost 170% since last month. CRO has set a new all-time high today, reaching $0.5695 before coming back down to the $0.506 range. It has also become the 16th largest cryptocurrency in the market, after going over the market cap of Chainlink and Polygon.
Crypto.com has announced that all external names of the Staples Arena will be completely removed by June 2022, as the official new name will go live from December 25th this year.
CRO coin is currently trading at $0.522987, during the time of writing.
